The cryptocurrency markets saw a sea of red on 11th April as $15 billion was wiped out from the markets. However, one coin continued its unprecedented rise with a gain of more than 30% on a daily USD scale.
The price of CRO chain at 4: 30 hours UTC on 12th April is $0.0974. On the CRO/BTC scale, the rise on the daily scale is 41.5%. The RSI on the daily scale as entered over-bought region at 82. Moreover, the irregularity in volume indicates isolated whale sized orders.
Coinbase Effect, Yet Again?
Fundamentally, Coinbase announcement of the Crypto Debit Cards might have instilled investor confidence in the already available CRO VISA cards. The crypto.com cards will surely compete with the Coinbase Debit Cards. While Coinbase provides trust and reliability through its brand image, the crypto.com cards are built on the decentralized architecture itself.
Moreover, these debit cards have been in the market since 2018 and have established better partnerships with leading entertainment and service providers like AirBNB and Netflix.
The MCO Visa Card rollout is planned in stages, with Asia first (started shipping in Singapore October 2018, United States next, followed by markets including Europe, Australia and Canada.
The CRO token is a decentralized verification system that helps to convert the cryptocurrencies in the Crypto.com Wallet to US Dollars.
Furthermore, to increase the utility of the token, the developers have offered lucrative cash backs and reductions in fees in CRO token, if the cards are purchased by staking the tokens. While it involves a certain degree of risk, the highest value cards with huge benefits can be purchased for around $4800 at current prices.
Do you think that the business model of Crypto.com Cards will favor CRO investors as crypto-payment cards go mainstream or they will soon lose luster to industry leaders? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com